I think your maths is wrong, you’re double counting somewhere.

Borrowed £8k*, repaid (24×180) = £4,320, your outstanding balance must be not too far off the current value of the car ?

Sell car, clear loan, net zero. Your actual cost is just the 24 x £180, non ?

* assuming you did this.

Sundayjumper – Member

I think your maths is wrong, you’re double counting somewhere.

Borrowed £8k*, repaid (24×180) = £4,320, your outstanding balance must be not too far off the current value of the car ?

Sell car, clear loan, net zero. Your actual cost is just the 24 x £180, non ?

* assuming you did this

Loan was £7k.

Essentially I owe on the car what I’d get for it now yes.

So, working it out then as that all being now £0 either way…

I’d have a new car for £260/month instead of another used car for £200/month (Which would be the figure for me to change my loan to buy an £8000 car over 36 months)

Except weeksy you can keep the car and carry on to the end of the loan.

It is now yours and you it is worth £x.

And now you can drive it for ‘free’ – unlike a lease, where you’ll still be paying.

b r – Member

Except weeksy you can keep the car and carry on to the end of the loan.

It is now yours and you it is worth £x.

And now you can drive it for ‘free’ – unlike a lease, where you’ll still be paying.

Well when you consider the car is now on 95,000 and in the 22 months time that it’s paid off, will be worth … maybe £1500…. then it’s not really a massive ‘free’ is it… it’s a possible free or a possible money pit, especially if within them 22 months it needs discs, stuff, DPF, etc… .then it’s getting into a negative potentially instead of a positive.

so you either bought it with high milage – or have put high milage onto it.

or if your doing big miles its unlikely youll get anything nice milage adjusted for sensible money.

I’d hazard a guess that if it’s on 95k now and you’re planning to keep it for a while yet, it will need new discs and pads, and probably tyres too, at some point. They’re “consumables”; like fuel, oil and road tax (mostly) they’re inevitable

trail_rat – Member

so you either bought it with high milage – or have put high milage onto it.

or if your doing big miles its unlikely youll get anything nice milage adjusted for sensible money.

I bought it with 43,000 and have put 53,000 on it in 2 years 2 months.

However due to many circumstances I expect that to drop from 25,000 a year into the high teens, possibly 20,000 a year this and next few years. So could get say a Honda CR-V for £270 for 3 + 36.

At 20k miles a year you’re pushing it, but a new lease car will (obviously) arrive on new tyres wheras a s/h car probably won’t so there’s some kind of saving in there. On a 24 month lease with a sensible mileage you *might* get away with only paying for one oil change and never needing tyres, discs etc.

And IIRC leases often include VED ? Worth checking.

I hate these threads, I end up going around the same logic loop myself !